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Aussie Firm to Acquire Sizzler Parent

Worldwide Restaurant Concepts Inc., operators of Sizzler and other restaurant chains, has reached an agreement to be acquired by a private equity firm, Pacific Equity Partners, for $7 a share. The price is contingent upon U.S. dollar to Australian dollar exchange rates at the time of the merger. The deal, subject to various approvals, is expected to be completed in the third quarter of this year. Pacific Equity Partners is primarily focused on buyouts and later stage capital investments in Australasia. Some of its other investments include Guardian Healthcare, operators of nursing and retirement homes in New Zealand, The Communications Group, a marketing company in Australia and New Zealand, and AMR Interactive Group Pty Ltd., a research and data collection company. Sherman Oaks-based Worldwide Restaurant Concepts operates 112 KFC restaurants in Queensland, Australia, along with 306 Sizzler locations worldwide and 22 Pat & Oscar’s restaurants. Last year, over 70 percent of the company’s $347.2 million in revenues was generated in Australia. Shares in Worldwide Restaurant Concepts, which had been trading in the $5 range, shot up to more than $6 following the announcement.

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